Jack Scoville, PRICE Futures Group vice-president, says the profit-taking could slow Thursday. "After some follow through selling from the specs, I did not hear of any farm selling around here yesterday, and I saw no selling from Brazil, either. Also, on Wednesday, 'options implied volatilities' were under pressure in the corn, and this implies a little more weakness," Scoville says.

He adds, "But, there is pent up buying to be done in corn and I think it got started yesterday or will on any further weakness. So I don't think there is a whole lot more down side. Usually the buying or selling comes over 3 days. So, this bout of liquidation could be about over.

Meanwhile, despite some traders feeling like this market is slowing to an idle, Scoville isn't buying it. "I also don't think the market is dead until after the first of the year. I can understand why people might think that way. Specs have made a lot of money and might not do much if they leave now. But, the USDA data does not show a market to me that is likely to be dead for that long at all. I tend to think we will get this correction done with and then start to move higher again. The dollar shows the makings of a turn but needs to follow through now. Either way, the USDA projections do not imply a slow market. We will keep ears to the ground and anything to marginally affect prices one way or another will get magnified," he says.